Easy Lifestyle As Visa Raises the Bar in Cashless Banking

By Justina Uzo

The travelling public in Nigeria should be glad as they can now use mVisa designed to make  lifestyle of people easy;  it is digital payment everywhere you go. The global payments leader, Visa, which launched the product mVisa in Lagos on Wednesday (July 19, 2017) said Nigeria is the first market to provide customers the convenience of making cross-border payments using mVisa, its innovative mobile payment service that spare people the burden of carrying cash. The solution is being rolled out across Africa.

Consumers from Visa’s Nigerian partner banks can pay with any mobile phone wherever mVisa is accepted. mVisa transactions are processed via Visa’s global network, VisaNet, applying the same scale, security and reliability as any other Visa transaction.

Visa stated that Nigerian consumers will enjoy easy and secure payments and merchants will benefit from the innovative mobile QR technology that reduces cost and friction for accepting electronic payments. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products.

Representatives from Nigerian banks such as Diamond Bank, Fidelity Bank and First Bank who were at the product launch said the future is digital and digial is now.  They will offer their customers the convenience of mVisa through their mobile banking apps. Access Bank, Ecobank, United Bank for Africa and Zenith Bank will go live with mVisa in the coming weeks.

Ifeoma Onibuje of Fidelity Bank said her organization must have been using Visa for 15 year and “it has transformed the way people pay for things.” She added that” it is really easy for a customer and the mVisa will take payment to the next level.”

Speaking at the launch event, Andrew Torre, President for Visa Sub-Saharan Africa said, “Small and medium merchants in particular, no longer have to invest in expensive point of sale infrastructure as mVisa gives them the freedom to accept payments in a convenient, secure and affordable manner that their customers trust.”

“We are very excited to see more and more merchants come on board every day as they begin to understand the benefits that mVisa brings, including real-time notifications of payments and access to sales and transactions history. We have campaigns lined up for the coming months to support our merchants and encourage new customers to experience mVisa at various locations across Nigeria.” Torre said.

 Diamond Bank’s Group Managing Director and Chief Executive Officer, Uzoma Dozie, stated that the launch of mVisa is timely and aligns with the cashless policy of the Central Bank of Nigeria (CBN) and the digital growth strategy of the bank.

 ‘’With mVisa, Diamond Bank has raised the bar for cashless banking in Nigeria by maintaining its leadership role in driving digital financial revolution in the country. Our customers will be able to make everyday payments simply by using their mobile phones. I think mVisa is the biggest thing that has happened in the industry.”

 Fidelity Bank CIO, Gbolahan Joshua, said: “mVisa is an innovative service that merges the everyday mobile phone to a payment solutions plan that is easy for our customers to use. Our account holders will appreciate the convenience mVisa offers.”

 FirstBank’s Group Head, E-Business, Chuma Ezirim said that the Bank would continue to embrace innovation to deliver superior services in the best way possible to its customers. ”Partnering with Visa to deliver mVisa is part of the FirstBank’s strategy to deliver reliable, secure and convenient payment options to its esteemed customers. It further promotes our digital approach by delivering omni-channel experience to all our customers while enhancing our existing offerings”, he reiterated.

Visa is already accepted at hundreds of locations across the country with many more merchants joining the ecosystem over the new few months. These merchants include DSTV, Konga.com, Genesis and IMAX Cinemas, Hard Rock Café, Quickteller and Spar

Visa Inc., a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments, is said operate one of the world’s most advanced processing networks, VisaNet, that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.